We dutifully note one of Noah’s commenters, Max Royale (we love that name), makes a good point:

Thanks for the breakdown Noah. One thing I think that could be mentioned is that when you purchase property you are contributing to a portfolio and hedging. It’s also long term wealth building.

Basically the tenants are buying the property (with their rents) for you, so after 15yrs (or however your long your mortgage is) your property will be paid for and worth a lot more.

Also, property is a great way to get low cost loans as you can leverage the equity for other investments. Update your spreadsheet with this factor and I think you’ll see you have a real winner on your hands – long term of course